European pirouette leaves U.S. stock futures pointing higher

LONDON (Reuters) - U.S. stock futures pointed to an early rebound for Wall Street’s main markets on Tuesday, after a sharp u-turn in Europe erased overnight Asian bets on further losses.

Dow Jones and S&P 500 futures were up 0.6 percent and 1.3 percent respectively by mid-morning in Europe having been as much as 3 percent lower during the Asian session.

Futures turned positive as European stocks pared losses, with the pan-European STOXX 600 down 1.6 percent by 0930 GMT, having sunk more than 3 percent at the open.

U.S. stocks plunged on Monday, with both the S&P 500 and Dow indices slumping more than 4.0 percent, as the Dow notched its biggest intraday decline in history with a nearly 1,600-point drop and Wall Street erased its gains for the year.